Allogene Therapeutics (NASDAQ:ALLO) Shares Up 4.2% – Still a Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price traded up 4.2% during trading on Monday . The stock traded as high as $2.24 and last traded at $2.22. 14,650,537 shares changed hands during trading, an increase of 66% from the average session volume of 8,847,670 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALLO. Robert W. Baird increased their price target on Allogene Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Tuesday, April 14th. Piper Sandler upped their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allogene Therapeutics in a research note on Friday, May 1st. Finally, HC Wainwright lifted their target price on Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.52.

Allogene Therapeutics Price Performance

The stock has a market capitalization of $766.23 million, a P/E ratio of -2.88 and a beta of 0.46. The stock’s fifty day moving average is $2.10 and its two-hundred day moving average is $2.01.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.01. Analysts expect that Allogene Therapeutics, Inc. will post -0.7 EPS for the current year.

Institutional Investors Weigh In On Allogene Therapeutics

Hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV increased its stake in Allogene Therapeutics by 23.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock worth $40,000 after purchasing an additional 5,514 shares in the last quarter. Royal Bank of Canada lifted its stake in Allogene Therapeutics by 15.9% during the first quarter. Royal Bank of Canada now owns 56,532 shares of the company’s stock valued at $138,000 after buying an additional 7,738 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Allogene Therapeutics by 27.3% in the third quarter. CANADA LIFE ASSURANCE Co now owns 39,730 shares of the company’s stock worth $50,000 after buying an additional 8,519 shares during the period. Abel Hall LLC boosted its holdings in shares of Allogene Therapeutics by 56.4% in the first quarter. Abel Hall LLC now owns 26,647 shares of the company’s stock worth $65,000 after buying an additional 9,604 shares during the period. Finally, Kestra Private Wealth Services LLC purchased a new position in shares of Allogene Therapeutics in the first quarter worth approximately $27,000. 83.63% of the stock is owned by hedge funds and other institutional investors.

Allogene Therapeutics Company Profile

Allogene Therapeutics is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” chimeric antigen receptor T-cell (CAR T) therapies to treat a range of hematologic malignancies and solid tumors. The company leverages gene-editing technologies to generate universally compatible engineered T cells, aiming to overcome the limitations of patient-specific CAR T approaches such as manufacturing delays, variable product quality and treatment resistance.

The company’s pipeline includes multiple allogeneic CAR T candidates targeting key antigens in blood cancers.